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2022-12-31-accounts

Charity Registration Number 1112155

BASINGSTOKE IRISH SOCIETY

(A Company Limited by Guarantee)

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Registered Company in England and Wales – Number 5543270

Charity Registration Number 1112155

1

BASINGSTOKE IRISH SOCIETY INDEX TO THE ACCOUNTS

Page

3 Reference and Administrative Information 4 Management Committee Report 8 Independent Examiner's Report

9 Charity Statement of Financial Activities 10 Charity Income and Expenditure Account

11 Charity Balance Sheet

12 Notes forming part of the Accounts

2

BASINGSTOKE IRISH SOCIETY

Registered Company in England and Wales – Number 5543270 Charity Registration Number - 1112155

The Management Committee presents its report and financial statements for the year ended 31 December 2022, which were approved by the Committee on 24[th] February, 2023 in accordance with Section 414 of the Companies Act 2006. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATION

CHAIRMAN, DIRECTORS & TRUSTEES and MANAGEMENT COMMITTEE

Mr A McFadden (Chair) Appointed 23[rd] August, 2005 Mr G Traynor Appointed 13[th] September, 2016 Died February 2022 Mrs J Donohoe Appointed 7[th] December, 2016 Mrs AMT Morwood-Leyland Appointed 13[th] December, 2016

REGISTERED & PRINCIPAL OFFICE

The Irish Centre Council Road Basingstoke Hampshire RG21 3DH

SECRETARY

Mrs CH Killeen

BANKERS

Barclays Bank PLC Basingstoke Branch Business Banking Leicester LE87 2BB

ACCOUNTANTS

Daybooks 44 Pennington Close Colden Common Winchester SO21 1UR

INDEPENDENT EXAMINER

Claire Watts 87 St. James Street Newport Isle of Wight PO30 1LB

3

BASINGSTOKE IRISH SOCIETY MANAGEMENT COMMITTEE & DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

a) Governing Document

The Basingstoke Irish Society was founded in 1970 after informal discussions by a group of people resident in the Basingstoke and Deane area. Initially aimed to foster social and sporting activities but expanded over the years into cultural and educational activities for the Irish community residing within the town and surrounding districts. In January, 1990 the Society adopted The Constitution of the Irish Society and Rules of the Irish Centre. The Society was incorporated as a charitable company, limited by guarantee and not having a share capital, on 23 August, 2005 and registered as a charity on 18 November, 2005. The Company was established under a Memorandum of Association which established the objects and powers of the charitable Company and is governed under its Articles of Association. This document replaced the original constitution. In the event of the Company being wound up, the Trustees of the Charity are liable to contribute an amount not exceeding £10 to the assets of the Charity. At 31 December, 2022 there were three Trustees of the Charity.

b) Recruitment and Appointment of New Trustees

As set out in the Articles of Association, the Management Committee shall consist of not less than three, unless otherwise determined by ordinary resolution and not subject to any maximum number of members. One third of members stand down from office at the Annual General Meeting, but are eligible for re-election for the forthcoming year. The members to retire by rotation shall be those who have been longest in their office since their last appointment.

The Trustees are elected to bring a wide range of skills to the Management Committee.

Members of the Management Committee, who are directors for the purpose of Company Law and trustees for the purpose of Charity Law, who served during the year are set out below:

Mr A McFadden Chair Mr G Traynor Appointed 13[th] September, 2016 died February, 2022. Mrs J Donohoe Appointed 7[th] December, 2016 Mrs AMT Morwood-Leyland Appointed 13[th] December, 2016

The Management Committee may appoint sub-committees and the chair of the sub-committee has delegated powers to make financial decisions on behalf of the Management Committee should a decision be required quickly and outside of the timescales of the Management Committee meetings. This sub-committee meets as and when required.

c) Trustee Induction and Training

A Basingstoke Irish Society information pack based upon information from the various Charity Commission publications signposted through the Commission’s guide “the Essential Trustee,” is distributed to all new trustees along with the Memorandum and Articles of Association and the latest financial statements.

Risk Management

The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure proper controls are in place to provide reasonable assurances against fraud and errors.

4

Internal risks are minimized by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charitable Company. The Internal Financial Control Checklist published by the Charity Commission form the basis for these procedures. These procedures are periodically reviewed to ensure that they still meet the needs of the Charity. This has led to improvements in day to day reporting which has benefited the Charity with its compliance and governance issues.

Objectives and Activities

The Charity’s objects are the following:

Public Benefit

The Charity is a public benefit entity.

We review our aims, objectives and activities each year. This review looks at what we have achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help.

This review also helps us ensure our aim, objectives and activities remain focused on our stated purpose. We have referred to the guidance contained in the Charity Commission's general guidance of public benefit when reviewing our aims and objectives and in planning our future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Achievements and performance

Our main activities have been to promote the Irish Community and to continue the management of the Community Centre. By associating with said inhabitants and the local authorities, voluntary and other organisations, the Charity continues to advance education and to provide facilities in the interest of social welfare for recreation and leisure time pursuits for the benefit of the inhabitants. During the year the Charity continues to support other local charities by providing free accommodation and use of the Charity’s services.

Financial Review

With the refurbishment of the Centre completed and the Covid pandemic over both rental income for the Charity and bar takings for the trading Company have increased. Lettings for the Charity have doubled to approximately £13,000 in the year. Bar sales for the trading Company increased from £24,884 last year to £90,356. The Charity made a deficit of £29,658 reduced to £19,658 with gift aid received from the trading Company. This would further reduce by the final gift aid declaration of £11,005. The trading Company made a surplus before taxation of £21,005 [2021: £16,039] during the year and gift aided £10,000 [2021: £16,039] to the Charity.

The actual income is analysed in the following graph:

5

The Charity reserves at the year-end have reduced by £19,658 to £199,721. These reserves are unrestricted but the Trustees have designated £184,564 of these funds towards the net book value of assets purchased through grant income.

Reserves policy

The Charity’s aim to build up general reserves to help ensure continuity of services, by providing for a period of twelve months’ cover of wages and salaries and general running costs.

The reserves of the Charity are £199,721 [2021: £219,379] of which £184,564 [2021: £207,470] is designated. Unrestricted reserves of £15,156 [last year: £11,909] represents approximately three and one half months’ cover [2021: 2 ¼ months].

Plans for the future

The primary focus of the Society is to bring local residents, local authorities, voluntary and other organisations together to provide education and facilities for entertainment for the benefit of the life and well-being of local people without distinction of sex, sexual orientation, race or of politics, religion and other opinions. The Society will maintain and manage the use of the hall and raise its profile through a variety of methods including internet, local media, posters and leaflet dropping.

The Society aims to combat some of the disadvantages in the area by providing a wide variety of resources and services for the local community including pre-school provision, health activities, clinics and senior citizens’ centres. These facilities will help local residents to learn and improve their skills and enrich their lives.

After the completion of the refurbishment works the objective to entice users to hire out the facilities as well as continue to finance any ongoing running costs by a combination of volunteering and fund raising was well met. We will continue to run other events at the Centre to generate funds and encourage more of the community to make use of the Centre.

6

Responsibilities of the Management Committee

Company law requires the Committee of Management, as directors, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period.

In preparing those statements the Committee is required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity to enable them to ensure that the accounts comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the Statement of Recommended Practice Charities SORP 2015 and the provisions of Part 15 of the Companies Act 2006 relating to small companies. It was approved on 24[th] February, 2023 by the Management Committee and signed on its behalf by:

A mcfadden (Jun 12, 2023 15:16 GMT+1)

Mr A McFadden (Trustee) 24[th] February, 2023

7

Independent Examiner's Report to the Basingstoke Irish Society

I report on the accounts of the Company for the year ended 31 December, 2022, which are set out on pages 9 to 20.

Respective responsibilities of Trustees and Examiner

The Trustees (who are also the Directors of the Company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”).

In carrying out my examination I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this Report in order to enable a proper understanding of the accounts to be reached.

Claire Watts

Claire Watts (Jun 13, 2023 11:14 GMT+1)

Claire Watts 87 St. James Street Newport Isle of Wight PO30 1LB

8

BASINGSTOKE AND IRISH SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER, 2022

2021
Totals
£
Notes
Income from
231,405
Donations and legacies
2
7,035 Charitable activities
2
4,538 Other trading activities
2
0 Income from trading subsidiary
7
0 Other income
7
242,978
Total income
Expenditure on
30,027
Raising funds
3
33,759
Charitable activities
3
0 Trading subsidiary costs
63,786
Total expenditure
179,192
Net Income/expenditure before
transfer
Transfers
0
Gross transfer between funds
179,192
Net movement in funds
Reconciliation of funds
40,187
Total funds brought forward
219,379
Total funds carried forward
17		 2022
Restricted
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 2022
Unrestricted
Funds
£
30
15,436
5,522
10,000
0
30,988
10,795
39,850
0
50,645
(19,657)
0
(19,657)
219,379
199,722		 2022
Totals
£
30
15,436
5,522
10,000
0
30,988
10,795
39,850
0
50,645
(19,657)
0
(19,657)

219,379

199,722

All income and expenditure has arisen from continuing activities.

The notes on pages 12 to 20 form part of these accounts

9

BASINGSTOKE IRISH SOCIETY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER, 2022

2021
Totals
Notes
£
Income
242,978
Grants, donations and other income
2
242,978
Total income
Direct costs
3,737 Staff wages and salaries
0
Other direct costs
3
3,737
Total direct costs
239,241
Gross margin
60,049
Administrative expenses
3
179,192
Net surplus of income over expenditure
0 Interest receivable and similar income
0
Interest payable and similar charges
179,192
Net surplus of income over expenditure before
taxation
0
Taxation
179,192
Retained surplus for the period
40,187
Retained surplus brought forward
219,379
Retained surplus carried forward
17		 2022
Totals
£
30,988
30,988
5,491
5,491
25,497

45,155

(19,658)

0
0
(19,658)

0
(19,658)
219,379
199,721

All income and expenditure has arisen from continuing activities.

The notes on pages 12 to 22 form part of these accounts

10

BASINGSTOKE AND IRISH SOCIETY BALANCE SHEET AS AT 31 DECEMBER, 2022

2021
£
Notes
Fixed Assets
209,336
Tangible assets
8
1
Investments
9
209,337
Total fixed assets
Current assets
0
Stocks
25,357
Debtors
10
32,073
Cash at bank and in hand
11
57,430
Total current assets
Liabilities
47,388
Creditors: Amounts falling due
within one year
12
10,042
Net current assets or liabilities
219,379
Total assets less current
liabilities
The funds of the Charity:
0
Restricted income funds
Unrestricted income funds
207,470
Designated funds
11,909
Unrestricted funds
219,379
Total unrestricted funds
219,379
Total Charity funds
17		 2022
£
188,777
1
188,778
0
1,263
48,104
49,367

38,424

10,943
199,721

0
184,564
15,157

199,721

199,721

For the year ended 31 December, 2022 the Company was entitled to exemption from audit under Section 477 of the Companies Act 2006. The Members have not required the Company to obtain an audit of its financial statements for the year ended 31 December, 2022 in accordance with Section 476 of the Companies Act 2006.

The Directors acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts.

These financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and also in accordance with the Financial Reporting Standard 102. These financial statements were approved by the Directors on 24[th] February, 2023.

A McFadden, Director

A mcfadden (Jun 12, 2023 15:16 GMT+1) 24[th ] February, 2023

11

BASINGSTOKE IRISH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER, 2022

1. Accounting Policies

The financial statements have been prepared under historical cost convention as modified by the revaluation of certain assets. These financial statements of the charitable Company for the year ended 31 December 2022 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) issued by the Financial Reporting Council.

a) Basis of preparing the financial statements

The financial statements of the charitable Company, which is a public entity under FRS 102, have been prepared in accordance with:

Financial reporting standard 102 – reduced disclosure exemption

The Charity has taken advantage of the exemption in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Northern Ireland’ s1.12 (b) not to produce a Statement of Cash Flow as required by Section 7.

b) Financial Statements

The Charity, as a small reporting entity is exempt from having to produce consolidated group accounts. In addition to the Statement of Financial Activities and Balance Sheert for the individual Charity, a separate Income and Expenditure account has also been presented.

The Charity Trustees feel it is appropriate to produce a consolidation of the results of the Charity and its wholly owned subsidiary, Basingstoke Irish Society Trading Co Limited for information and therefore have incuded these as an attachment to this repoort. These consolidated accounts however do not form part of the statutory accounts nor are they part of the independent examination.

c) Income

All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and that the amount can be reliably measured.

Voluntary income including donations, legacies and grants which provide core funding or are of a general nature is only deferred when the donor specifies the grant or donation must be used in a future accounting period, or the donor has imposed conditions which must be met before the Charity has unconditional entitlement.

Income from charitable activities including income received under contract or where entitlement to grant funding is subject to specific performance conditions is recognised when the conditions are met.

12

d) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement of the amount and that the amount of the obligation can be reliably measured.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated on a consistent and equitable basis.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity.

e) Costs of raising funds

Costs of raising funds are those costs incurred in attracting voluntary income and those incurred with minor trading activities which raise funds. Charitable activities includes all directly attributable expenditure including support costs. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity. The Charity has an agreement with its subsidiary to apportion appropriate running costs of the premises for its shared use. These charges, net of VAT, are netted off the operating costs in these financial statements and not treated as income. They are recognised as input tax for VAT purposes.

f) Asset Policies

Tangible fixed assets are capitalised when costing £1,000 or more and are stated in the balance sheet at cost less accumulated depreciation. Depreciation is charged to write off the cost of the asset on a straight line basis over the estimated useful life.

Plant & Machinery 10%

The income and property of the Charity is applied solely towards the promotion of its objects as set forth in its Memorandum of Association.

g) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

h) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

i) Financial instruments

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest

13

that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

j) Funds Structure Policy

Restricted funds are subject to restrictions on their expenditure by the donor. Unrestricted funds are available for use at the discretion of the Management Committee in furtherance of the general objectives of the Charity. Designated funds are funds that are earmarked for a particular purpose. Currently no funds are restricted in their use. The Trustees have set up a designated fund in respect of Grants given for the provision of fixed assets. The funds were recognised in the Statement of Financial Activities when received but a designated fund has been created reflecting the book value of the assets. The reduction in the designated fund therefore reflects the depreciation charge made on the assets each year.

k) Other Policies

Pension

The Charity operate a pension scheme for core staff in compliance with auto-enrolment. This was introduced from the staging date of 1[st] January, 2017 and NEST are the appointed workplace pension provider.

Judgments in applying accounting policies and key sources of estimation uncertainty

The Charity makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. There were no estimates or assumptions made that would have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

2. Income

During the year the Charity received no further grant income (2021: £218,571 including recoverable VAT) from Basingstoke and Deane Borough Council for the refurbishment of the Centre.

The use of the “accruals method” (section 24 of FRS 102) for the recognition of income from government grants (which provides for grants for assets be recognised on a systematic basis over the expected useful life of the asset) is not permitted by the Charities SORP. Therefore the income is recognised in full on entitlement; however an amount equivalent to the net book value of the asset is held as designated reserves to be released in line with the depreciation of the assets.

14

All the income is unrestricted. Gift Aid income received or receivable from the Charity’s trading subsidiary is included when received or when declared. The trading subsidiary made profits before tax of £21,005 [2021: £16,039]. An interim dividend of £10,000 [2021: £793] was received in the year. A final dividend of £11,005 was aproved at its AGM and be paid within nine months of this year end.

Donations
Donations and other income
Government Job Retention Scheme
Gift aid
Total
Charitable activities
Lettings
Admissions and Events
Membership
Raffles
Total
Other trading activities
Car parking		 2021
£
200,552
14,814
16,039
231,405
6,090
540
40
365
7,035
4,538
4,538		 2022
£
30
0
10,000
10,030
12,904
1,702
80
750
15,436
5,522
5,522

3. Allocation of Support Costs

Administrative costs
Wages and salaries
Governance (see note 4)
Heating and lighting
Rent
Water
Repairs
Insurance
Stationery
Telephone
Cleaning
Other support
Total
Direct Costs
Totals		 Total
Costs
£
29,477
3,199
4,743
4,250
2,224
3,258
808
305
723
2,431
25,805
77,223
5,491
82,714		 Less
Recharged
to Trading
Company
£
24,173
832
0
1,063
0
0
0
0
0
0
6,000
32,068
0
32,068		 Bourne by
Charity
£
5,304
2,367
4,743
3,187
2,224
3,258
808
305
723
2,431
19,805
45,155
5,491
50,646		 Raising
funds
£
5,304
0
0
0
0
0
0
0
0
0
0
5,304
5,491
10,795		 Charitable
activities
£
0
2,367
4,743
3,187
2,224
3,258
808
305
723
2,431
19,805
39,851
0
39,851

15

The Charity's wholly owned subsidiary, Basingstoke Irish Society Trading Co Limited operates a licensed bar from the Charity's premises. The Charity recharges the trading Company for the shared operating costs of the premises by apportionment on an equitable and commercial basis. The Charity and its subsidiary have an agreement in place, that is reviewed at its Annual General Meeting, as to the scope and apportionment of these shared costs.

Of the remaining costs borne by the Charity, any cost directly associated with an activity is charged to that activity and identified under direct costs within the income and expenditure account. The remaining administrative support costs, are then apportioned on a pro-rata basis and is shown on the following table:

4. Governance Costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity.

Governance costs
Independent Examiner's fees
Accountancy fees
Legal fees
Licences
AGM Costs
Other costs
Total		 2021
£
75
600
0
2,992
0
0
3,667		 2022
£
75
600
0
1,229
50
413
2,367

5. Movement in total funds for the year

This is stated after charging:

2021 2022
£ £
Depreciation 15,178 18,150
Independent Examiner's fees 75 75

6. Staff costs and Trustee remuneration

None of the members of the Management Committee received any remuneration during the year. None of the Trustees were paid any expenses in the year. There was one employee during the year (2021: 1).

No employees had emoluments in excess of £60,000.

7.

Commercial trading operations

Basingstoke Irish Society Trading Co Limited, which is incorporated in England and Wales, is a wholly owned subsidiary by virtue of owning the entire share capital of £1. The subsidiary will pay all of its profit chargeable to corporation tax, to the Charity, by Gift Aid, when cash flow allows and within nine months of the year end.

The gift aid is a distribution of reserves under company law but unlike dividends an allowable expense for corporation tax purposes. The gift aid relief is only allowable in the year it is paid but under HMRC

16

rules as the Company is a wholly owned subsidiary of the Charity it can be relieved in an earlier year providing it is physically paid within nine months of that year-end. The charge however is only recognised when paid or is a liability only when declared. During the year the Trading Company paid the £10,000 for the current year. The declaration of the final gift aid distribution of £11,005 was made after 31 December 2022 and thus is not owing at year end.

8. Tangible Fixed Assets

Tangible fixed assets are depreciated over
Building refurbishment
Plant and machinery (internal)
Plant and machinery (external)
Fixtures
Cost or valuation
At 1 January, 2022
Additions
Disposals
At 31 December, 2022
Depreciation
At 1 January, 2022
Additions
Disposals
At 31 December, 2022
Net book value
At 31 December, 2022
At 31 December, 2021		 its useful life:
10 years
10 years
4 years
4 years
Land &
Buildings
£
223,803
3,590
227,393
17,383
22,381
39,764
187,629
206,420		 its useful life:
10 years
10 years
4 years
4 years
Land &
Buildings
£
223,803
3,590
227,393
17,383
22,381
39,764
187,629
206,420		 Plant &
machinery
£
31,951
0
31,951
31,951
0
31,951
0
0		 Fixtures
&
fittings
£
7,077
0
7,077
4,160
1,769
5,929
1,148
2,917		 Totals
£
262,831
3,590
0
266,421
53,494
24,150
0
77,644
188,777
209,337

9. Fixed Asset Investments Investments in the subsidiary undertaking of the Charity comprise £1 at both beginning and end of year.

Name Country of Class of Holding Holding Principal activity
incorporation shares
Basingstoke Irish England Ordinary 100 %
Provision of licenced bar
Society Trading
Co Limited
Debtors
2021 2022
£ £
Debtors
Amounts owed from group undertakings 2,357
Prepayments 1,263
Total 2,357 1,263

10. Debtors

17

11. Cash and cash equivalents

Cash and cash equivalents
Cash at bank
Other
Total		 2021
£
32,073
0
32,073		 2022
£
48,104
0
48,104
12.
Creditors
2021
£
Trade creditors
0
Amounts owed to group undertakings
501
Accruals
75
HMRC VAT & PAYE
1,951
Other
44,861
Total
47,388
13.
Financial Instruments
FINANCIAL ASSETS
Financial assets measured at fair value through Statement of financial
activities
Financial assets that are debt instruments measured at amortised cost
Total		 2022
£
3,148
2,364
150
1,884
30,878
38,424
2021
£
32,073
32,073		 2022
£
48,104
48,104

Financial assets measured at fair value through the Statement of financial activities comprise trade debtors. This excludes any debtors for grants or donations that are not of a contractual nature.

Financial assets that are measured at amortised cost comprise cash and cash equivalents.

FINANCIAL LIABILITIES

INANCIAL LIABILITIES
Financial liabilities measured at amortised cost
Total		 2021
£
47,388
47,388		 2022
£
38,424
38,424

Financial liabilities that are measured at amortised cost comprise trade and other creditors, accruals and deferred income.

18

14. Deferred Income

Income is deferred when there is a contractual entitlement to the funds but there is an obligation to spend the money in a future period or finance expenditure in a future period. This may occur when the donor may specify the time period over which the expenditure of resources on a service can take place or when a multi period grant is approved and is to be paid on the basis of agreed annual budgets. There was no deferred income at the end of the year.

15. Taxation

Basingstoke Irish Society is a charity within the meaning of the Charities Act 2011 and as such is a charity within the meaning of Part 11, Corporation Tax Act 2010. Accordingly, the Charity, which is a registered with the Charity Commission, is potentially exempt from taxation in respect of income or gains received within Part 11, Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to its charitable purposes. During the year its income and chargeable gains were applicable and only applied for charitable purposes. The Charity is also registered with HMRC for Corporation tax and gift aid purposes.

16. Analysis of net assets between funds

Tangible fixed assets
Investments
Current assets
Current liabilities
Total		 2021
Total
£
209,336
1
577,430
(47,388)
739,379		 2022
Restricted
£
0
0
0
0
0		 2022
Unrestricted
£
188,777
1
49,367
(38,424)
199,721		 2022
Total
£
188,777
1
49,367
(38,424)
199,721

17. Analysis of movement in Charity Funds

Restricted
General
Designated
Total		 B/fwd
£
0
25,561
193,818
219,379		 Income
£
0
30,988
0
30,988		 Expended
£
0
(41,392)
(9,254)
(50,646)		 C/fwd
£
0
15,157
184,564
199,721

18. Related party transactions

The Charity's wholly owned subsidiary, Basingstoke Irish Society Trading Co Limited operates a licensed bar from the Charity's premises.

The Charity charges the trading Company for the operating costs of the premises by apportionment on an equitable and commercial basis. The terms are set out in the agreement dated 1 August, 2014. In accordance with that agreement the amounts may be varied under exceptional circumstances. During

19

the year the Charity recharged salaries of £24,173 [2021: £7,233] and support costs of £7,895 net of VAT [2020: £1,063]. The support costs specifically includes a rent recharge to the subsidiary of £1,063 being 25% [2021: £1,063 (25%)] of the annual rental. During the year the subsidiary paid £10,000 (2021: £793) in Gift Aid to the Charity. The subsidiary has declared and approved a final dividend representing all of its remaining taxable income of £11,005 in respect of the year ended 31 December 2022.

At 31 December, 2022 the Charity was owed £nil [2021: £9,318] by the subsidiary in respect of recharged costs and £nil (2020: £16,039) in respect of gift aid. The Charity owed the Trading Company £2,364 (2021: £501) in respect of banking made on its behalf.

20

The following pages do not form part of the statutory accounts

BASINGSTOKE AND IRISH SOCIETY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER, 2022

2021
Totals
£
Income from
215,366
Donations and legacies
7,035 Charitable activities
4,538 Other trading activities
34,884
Income from trading subsidiary
0 Other income
261,823
Total income
Expenditure on
30,027
Raising funds
33,759
Charitable activities
18,845
Trading subsidiary costs
82,631
Total expenditure
179,192
Net Income/expenditure before
transfer
Transfers
0
Gross transfer between funds
179,192
Net movement in funds
Reconciliation of funds
40,187
Total funds brought forward
219,379
Total funds carried forward		 2022
Restricted
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 2022
Unrestricted
Funds
£
30
15,437
63,811
0
0
79,278
10,795
39,852
37,284
87,931
(8,653)
0
(8,653)
219,379
210,726		 2022
Totals
£
30
15,437
63,811
0
0
79,278
10,795
39,852
37,284
87,931
(8,653)
0
(8,653)
219,379
210,726

This schedule is not part of the statutory accounts

21

BASINGSTOKE AND IRISH SOCIETY CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER, 2022

Fixed Assets
Tangible assets
Investments
Total fixed assets
Current assets
Stocks
Debtors
Cash at bank and in hand
Total current assets
Liabilities
Creditors: Amounts falling due
within one year
Net current assets or liabilities
Total assets less current
liabilities
The funds of the Charity:
Restricted income funds
Unrestricted income funds
Designated funds
Unrestricted funds
Total unrestricted funds
Total Charity funds		 Group
2021
£
2022
£
209,336
188,777
0
0
209,336
188,777
1,500
6,000
0
1,263
56,920
54,123
58,420
61,386
48,377
39,437
10,043
21,949
219,379
210,726
0
0
207,470
15,157
11,909
195,569
219,379
210,726
219,379
210,726		 Charity
2021
£
2022
£
209,336
188,777
1
1
209,337
188,778
0
0
25,357
1,263
32,073
48,104
57,430
49,367
47,388
38,424
10,042
10,943
219,379
199,721
0
0
207,470
182,828
11,909
16,893
219,379
199,721
219,379
199,721		 Charity
2021
£
2022
£
209,336
188,777
1
1
209,337
188,778
0
0
25,357
1,263
32,073
48,104
57,430
49,367
47,388
38,424
10,042
10,943
219,379
199,721
0
0
207,470
182,828
11,909
16,893
219,379
199,721
219,379
199,721		 Charity
2021
£
2022
£
209,336
188,777
1
1
209,337
188,778
0
0
25,357
1,263
32,073
48,104
57,430
49,367
47,388
38,424
10,042
10,943
219,379
199,721
0
0
207,470
182,828
11,909
16,893
219,379
199,721
219,379
199,721
188,778
0
1,263
48,104
49,367
38,424
10,943
199,721

0
182,828
16,893
199,721

199,721

This schedule is not part of the statutory accounts

22

BASINGSTOKE AND IRISH SOCIETY TRADING PROFIT AND LOSS ACCOUNT FOR WHOLLY OWNED SUBSIDIARY (BASINGSTOKE IRISH SOCIETY TRADCO LIMITED) AS AT 31 DECEMBER, 2022

Turnover
Sales
Cost of sales
Purchases
Decrease/(increase) in stocks
Direct labour
Other direct costs
Gross profit
Administrative expenses
Rent
Rates
Light and heat
Bank charges
Insurances
Repairs and maintenance
Sundry expenses
Accountancy fees
Other operating income
Operating profit
Interest receivable
Profit on ordinary activities
Brought forward
Gift aid distribution - prior year
Gift aid distribution - current year
Total retained earnings		 2021
£
24,884
8,749
0
7,233
0
15,982
8,902
1,063
0
0
0
0
0
0
1,800
2,863
10,000
16,039
0
16,039
0
0
(16,039)
0		 2022
£
90,356
39,979
(4,500)
24,173
0
59,652
30,704
1,063
0
0
0
832
0
6,004
1,800

9,699
0
21,005
0
21,005
0
0
(10,000)
11,005

This schedule is not part of the statutory accounts